New data shows that blockchain companies awarded 878 504 in bug bounties to hackers in 2018 Stats from breach disclosure platform HackerOne showed that with 534 500 handed out EOS creator Blockone accounts for more than 60 percent of all bounties awarded in 2018 Blockone doled out 534 500 Coinbase handed over 290 381 and TRON gave out 76 200 The Next Web noted that while Coinbase had the second highest amount in bug bounties the cryptocurrency exchange has been running a disclosure program since 2014 Blockone launched its own disclosure program at the end of May and soon after a single hacker took 120 000 in bug bounties from the site in less than a week Nearly 4 percent of all bounties awarded on HackerOne in 2018 were from blockchain and cryptocurrency companies said a HackerOne spokesperson The average bounty for all blockchain companies in 2018 was 1490 that is higher than the Q4 platform average of around 900 the spokesperson added One of the top paid crypto hackers earned 7X the median software engineer salary in their country respectively While one of blockchains most promoted attributes has been security the technology has the power to both prevent and carry out fraud In fact a recent report found that regulators are concerned over blockchains ability to facilitate money laundering terrorist financing and other fraudulent transactions In addition Chinas chief of Beijing Municipal Bureau of Finance Xuewen Huo recently spoke out about blockchains role in initial coin offering ICO scams explaining that the hype surrounding blockchain has led many investors to invest too swiftly in the technology through ICOs And scammers are at the ready to take advantage Blockchain is a very sophisticated technology Con artists can take advantage of peoples innocence to scam common investors by picturing a very lucrative future knowing that only a very few people who have advanced knowledge could understand how blockchain really operates Huo stated LATEST INSIGHTS Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation thats reshaping the payments and commerce ecosystem Check out the latest PYMNTS report on how QSRs are doing when it comes to innovation